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Author: Admin | 2025-04-28
Seabridge Gold Inc. (SEA:TSX; SA:NYSE.MKT) has successfully closed on its bought deal offering and a separate agreement with a strategic investor for a total of US$100 in financing as it continues to work at its massive KSM Project in British Columbia.RBC Capital Markets and Cantor Fitzgerald Canada Corp. led the bought deal offering of 6.54 million common shares of the company at US$12.25 per share for aggregate gross proceeds of about US$80 million, the company announced in a release.The company said it also successfully closed its previously announced private placement with a strategic investor for 1.64 million common shares on substantially the same terms as the bought deal offering for aggregate gross proceeds of approximately US$20 million.The common shares issued under the private placement are subject to a statutory four-month hold period under applicable securities laws."The financing ensures continued forward momentum at KSM while we engage with our short list of prospective joint venture partners, Chairman and Chief Executive Officer Rudi Fronk said. "This year's program will provide the remaining field data that we anticipate will be required for the bankable feasibility study, which we expect to undertake with our joint venture partner."The money will go toward making the payments to B.C. Hydro for completion of the KSM switching station, preparing for a KSM bankable feasibility study and financing other costs associated with ongoing activities at the gold-copper project, and for general corporate purposes.While the financing will let Seabridge hold its priority status with B.C. Hydro, the company will also evaluate some other "engineering alternatives our prospective joint venture partners have proposed for advancing KSM," Fronk said.Major Milestone Hit for Flagship AssetSeabridge holds a 100% interest in several North American gold projects. Its principal asset, KSM, and its Iskut project, are located in northwest British Columbia's Golden Triangle. Its Courageous Lake project is located in Canada's Northwest Territories, the Snowstorm project in the Getchell gold belt of Northern Nevada, and the 3 Aces project is set in Yukon.There were two challenges announced last year in British Columbia court seeking review of KSM's "Substantially Started" (SS) designation, which Seabridge has noted is a major milestone for the company and KSM, which newsletter author Jay Taylor of J Taylor's Gold, Energy & Tech Stocks has called "the largest undeveloped gold and copper project in the world!"During the application process for the designation, Seabridge said it submitted letters from "representatives of the three
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